The Bitcoin or Ethereum might fizzle out, but the Blockchains are here to stay. They are gaining new heights of popularity because the businesses have realized its true potential. Blockchain can be termed as a boon to the accounting system. Most businesses have embraced the system with open arms to make life simpler for them. Though the hype is there about the Blockchain, but not all have a clear understanding of the system.
In simple words, blockchain is a kind of ledger that helps in tracking debits and credits of a business. It is not just any ledger system, but when used properly the blockchain has the ability to record transactions that are cryptographically verified and then listed sequentially using complex functions of mathematics. The businesses using blockchain for maintaining their accounts can boast of data integrity.
Blockchains can be easily termed as triple-entry –bookkeeping. The third entry in this case is the receipt of a transaction. Due to this platform, there is no need of a middleman like bank in the world of cryptocurrency. Fraudulent things and double spending have been made impossible through blockchain where the records are accessible to everybody, but controlled by none.
If blockchain is put to use in the best of its ability, then it could help figure out the most complicated answer in a jiffy. This blockchain technology has been named differently on different occasions, but the heart remains the same. Then there were many who argued that the blockchain system is not meant to track things beyond financial transactions. But, all these arguments were put to rest by the giant Walmart.
Frank Yiannas, Vice President of Food Safety for Walmart, picked up a sliced mango package and told his team to find out the origin of those mangoes. It took the whole team 6 days to figure out where these mangoes came from. Though they have achieved the feat in less than a week, still it took them a long time. So, Walmart joined hands with IBM and came up with a blockchain ‘Hyperledger Fabric’ that tracks the food shipment and records the details digitally.
Through this system, its origin can be easily tracked because everything gets recorded right from the very beginning. The farm from where the mangoes were harvested is tracked through the numeric identifiers that are tagged on the mango pallets. Starting from the farm till the time it reaches the store, every movement is recorded in the system. So, basically now by entering the 6-digit lot number on the web portal, the whole history of a product will be visible right in front of your eyes. It will tell you the date when the product was harvested and when and how it went through treatments and finally when it arrived at the store. This time around, it took only two seconds to gather all the information.
The blockchain is not only helpful in providing information within a matter of a few seconds, but it also ensures that there is no breach of data happening at any point of time. It helped in solving business challenges. There are several other business giants like Danish Shipping, Daimler, and Airbus who are taking a cue from Airbus for maintaining their logistics. Blockchain is used in different platforms as well.
They are being used by Accenture and Microsoft to help refugees who don’t have official documents. Though blockchain has been a great help in the finance world, but its usefulness doesn’t stop there. There are several openings of the blockchain that still needs to be discovered and businesses are trying to tap in the potential to the best of its ability.
Blockchain has come a long way, but it still has a long way to cover. For some businesses, it is like pixie dust that will solve all their issues. Moreover, it is a platform where the trustworthiness and reliability is something that everybody vouches for. In coming years, blockchain will definitely revamp the way businesses are running today along with the society, just like the way internet did long back. When something new comes into existence, it takes time to settle in and for the people to accept it and blockchain is no different. more info please visit etherecash .